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April 28, 2011 Newsletter

When it comes to weddings, you frequently hear how expensive it can be to have one, but no one ever discusses how much it costs to attend one. So far this year, I have purchased five different gifts for various events related to one wedding -- an engagement gift, lingerie shower gift, couple’s shower gift, bridal shower gift, and a wedding gift. Add to this, travel expenses for the bachelorette party, wedding showers, the destination wedding, and the wedding reception in my hometown. Often times there are other expenses that result from attending the wedding, such as new outfits and beauty essentials (hair, makeup, manicures, etc.), and especially if you are a part of the wedding party. When you add up all the expenses, it comes out to…A LOT!

With more weddings in the forecast this year, how will I attend all the events without leaving my budget at the altar? Below are a few tips on how to save this wedding season, so you can be richer, not poorer.

Purchase online vs. in-store. Many retailers offer free shipping and gift wrap services, so you can save on gas, gift wrapping, and possibly shipping costs if you live in a different city. If you’re shopping online, remember to scour the Web for promotion codes before buying.

Regift. There isn’t a rule that says you have to stick to a couple’s registry. If you have gift that follows the regifting rules, regift away. If you’re married, be sure the couple didn’t give you the gift!

Go in on a group gift. When you split the cost of a gift, you can still give something nice without breaking your budget. Remember that group gifts don’t only apply to weddings and can be given for any event/holiday.

Split travel expenses. Gifts aren’t the only expense you can share with someone. If the wedding requires travel, why not split hotel and transportation costs with a friend as well? If sharing travel expenses isn’t in your plan, there are many other tips on how to save on transportation and accommodations.

Plan ahead. Flights, hotels, and transportation are most often less expensive if you book far in advance. Also, if you purchase a gift too close to the wedding date, you’ll have limited choices in the registry, so purchase gifts as early as possible.

Above all, always work with what’s in your budget regardless of how close you are to the couple or what “rules” you’ve heard elsewhere. The bride and groom will be happy to share their special day with you and/or receive any gift, big or small!

If you’ve attended many weddings, what are other ways you have saved on wedding expenses? Please share!

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This is the last week of Financial Literacy Month. If you’ve been moving through the 30 steps – congratulations! You’re almost done. For others, it’s not too late to better your finances.

Although Financial Literacy Month is celebrated in April, the commitment to improving finances is ongoing. Since its inception, more than 8,000 people have taken the pledge to commit to financial freedom on FinancialLiteracyMonth.com.

During the month of April consumers were given the opportunity to re-evaluate personal finances, change money behaviors, and take the steps on the path to financial wellness. Here’s what Financial Literacy Month taught us.

Credit is not a tool of convenience

Having credit is valuable and establishing good credit can lead to financial perks in the long run. It’s important to understand credit and its intended use. Credit shouldn’t be used to finance a luxurious lifestyle. Understand the cost of credit and all the responsibility that comes with it. Regularly check your credit report for inaccuracies.

Plan for the inevitable

Financial emergencies can happen at any time. To prevent a financial crisis, expect the unexpected. Whether it’s something minor, such as replacing worn-out tires, or it’s something major, such as replacing the roof after a hurricane, planning and proper saving is essential. Having an adequate amount in your savings account can help secure you financially during times of economic hardships.

Set financial goals

We learned SMART financial goals are specific, measurable, achievable, rewarding, and trackable. A smart financial planner has short- , mid-, and long-term goals they’re always striving to achieve. Stay committed to achieving financial goals no matter how big or small they are.

Financial freedom does not come easy

The old adage is “anything in life worth having is worth working for.” Managing money is not an attractive topic and changing old habits can be hard, but watching your debt dwindle and wealth increase is worth it in the long run.

As Financial Literacy Month comes to a close, many people are now motivated and empowered to improve their financial situation. FinancialLiteracyMonth.com offers additional tools for success, including: free webinars, free eBooks, tips and gadgets, and much more to help you going forward.

MMI Debt Management Plan Client Corner

Tips for Success

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Tweet for Change

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About Money Management International

Money Management International (MMI) is a nonprofit, full-service credit counseling agency, providing confidential financial guidance, financial education, counseling, and debt management assistance to consumers since 1958. MMI helps consumers trim their expenses, develop a spending plan, and repay debts. Counseling is available by appointment in branch offices and 24 hours a day, 7 days a week by telephone and Internet. Services are available in English or Spanish. To learn more, call 866.530.9869 or visit MoneyManagement.org.